A survey finds providers should do more to ensure their patients are satisfied with the billing process.
Patients care about the billing experience—so much so that 56% would switch providers if the experience was poor, according to a study from RevSpring.
The payment solutions company partnered with research firm Keypoint Intelligence for a survey to better understand how the patient experience affects trust, loyalty, and financial outcomes.
Respondents were made up of 1,000 patients who had visited a doctor at least once in the past year, were responsible for paying their own medical bills, and had paid a bill in the past six months.
They were asked if they had encountered a poor billing experience, how likely they would be to seek a new provider as a result. Nearly a third (33%) said they would be somewhat likely, 23% said very likely, 10% said somewhat unlikely, 4% said very unlikely, and 30% were neutral.
Nearly three in four respondents (74%) aged 18 to 26 said they would likely switch providers due to a poor billing experience, while that was the case for 33% of patients aged 65 and above.
Personalization and consistency were regarded as important to the billing and payment experience. Personalization was very important to 42% of respondents and somewhat important to 41%, while consistency was regarded as very important to 59% and somewhat important to 31%.
"We've conducted patient experience surveys every few years since 2016 and it's clear patients have higher standards now, especially when it comes to personalization," said Kristen Jacobsen, vice president of marketing and OmniChannel engagement at RevSpring. "The challenge and opportunity for the industry today is fulfilling those high expectations.
"With combined intelligence, such as demographic and behavioral data, providers can understand patients at scale, not only meeting their preferences to build trust and loyalty but also driving desired actions."
Making bills easily understandable is one primary ways revenue cycle departments can appeal to patients.
A recent survey by revenue cycle firm AKASA revealed that nearly 38% of patients find bills either extremely confusing (19%) or somewhat confusing (19%).
"This makes clear communication around how much patients owe for their care after insurance and their options for payment crucial," Drew Smith, director of revenue cycle at MainStreet Family Care, told HealthLeaders about building patient trust through the billing experience.
Jay Asser is the contributing editor for strategy at HealthLeaders.
Payment solutions company RevSpring surveyed 1,000 recent patients to evaluate how the billing experience factors into loyalty with providers.
Most respondents (56%) said they would likely switch providers if they had a poor billing experience, which was especially true for patients aged 18 to 26 (74%).
Patients value personalization and consistency, with 83% saying the former is either very or somewhat important and 90% saying the latter is either very or somewhat important.